The evolution of this book stems from the management

　　and professional experiences of two experienced bankers who have more than 25 years of combined experience with leading global financial institutions including Goldman Sachs, JP Morgan, Citibank,and Credit Suisse. Over the years of recruiting staff at various levels, we realized that there is a worrying knowledge gap that exists in the young candidates.

　　As employers, we have met and interviewed many MBA candidates and young professionals who were inspired to join the global financial industry over the years.The prestige, fast-pace, exciting and jet-setting environment-are some of the "mystical" factors that seemingly attracted many talented young people to the world of investment banking and international capital markets.

　　Sitting across the table looking at these candidates, on many occasions, we wished they could have done a better job in preparing themselves on knowing more about industry anatomy, business culture, market knowledge, interview techniques and knowing what is expected of them during the entire interview process.

　　It would have been a simpler issue if efforts were the issue. To be fair to these aspiring young people, knowing how to go about preparing or learning about the industry was not an easy task.

　　There are numerous "how to"books on job application and career pursuit, explaining the techniques of resume preparation, interview techniques and so on.Then there is an enormous library of reference books on various capital market topics such as equity market, foreign exchange markets, fixed income markets, derivatives, mergers & acquisitions, and so on. What candidates really need is a combination of correct mindset and practical knowledge that will differentiate them from others. Encapsulating the workflow and thought process that one would go through in a professional career pursuit in this highly competitive global industry, our book unites the required financial market knowledge with relevant and penetrating insights into seeking a career with global financial institutions.

　　As the book is being written, business conditions of the global financial industry are undergoing probably one of the worst periods in history since 1987. The inevitable collapse of the stock market, caused by confluence of factors including 1)unsustainable hyper-up Internet business models and excessive stock valuations, 2)September 11 terrorist acts, 3)unprecedented magnitude of accounting frauds by Corporate America, 4) Wall Street investment banks suffering from credibility crisis given the conflict of interests on investment research and investment-banking business and 5) the dramatic economic slow down led by the U.S.

　　In the midst of these challenges, a number of the global financial institutions are now facing the full implications of mergers and acquisitions that took place one or two years ago, in their efforts of building mega universal banks. The adverse industry fundamentals have exacerbated the layoffs and hence severely curtailed new hiring.

　　"Timing"the market is always endeavored by many participants in the financial markets, but with questionable efficacy. Many people will question the wisdom of seeking a career in the global financial industry given the difficult environment at this moment. On the supply side, we firmly believe that aspiring candidates who are seeking a career in the global financial industry should view it as a long-term commitment, instead of merely "timing" the market, jumping on the bandwagon,and eventually pulling out for a quick roll. On the demand side,the most important asset of the global financial institutions continues to be its people who leave the office at the end of each day,and return to work the next.

　　Substantial operating costs in global financial institutions are spent on human talent(40% to 60%)-their need for talented human resource is secular. It is precisely in these trying times that candidates should be even better prepared for their career pursuit in order to be differentiated. We hope this book will contribute meaningfully to their endeavors.

　　Chong Chin Cheong

　　Yee Chin lit

　　Feb. 2003